Lendistry to Administer an Additional $1.5 Billion in Assistance to California Small Businesses and Non-Profits

New rounds of grant funding, powered by Lendistry, will support California small business owners and arts and cultural organizations as they recover from the effects of the pandemic.

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Lendistry announced today that it will administer three additional rounds of grant funding through the California Small Business COVID-19 Relief Grant Program. With the additional $1.5 billion expansion, for a total of $4 billion, California's small business relief program is the largest in the country to support small businesses and nonprofits that have struggled due to the COVID-19 pandemic.

As the only fintech CDFI, Lendistry's mission is to provide underserved small business owners with access to the capital they need to grow. The lender's proprietary technology, combined with its foundation of community development relationships, made it the ideal partner to deploy grants to small businesses when the pandemic made rapid response capabilities essential to relief efforts. Based in a Los Angeles Opportunity Zone, Lendistry is proud to continue serving its home state. As Lendistry CEO Everett K. Sands states, "We are excited to continue supporting the small businesses and nonprofits within California."

The California Small Business COVID-19 Relief Grant Program began with $500 million in funding in December 2020 and added $2 billion in March 2021 in response to demand. To provide relief to as many small businesses and nonprofits as possible, Governor Newsom on July 13, 2021 signed into law the largest economic recovery package in state history, which includes an additional $1.5 billion to the California Relief Grant program. These new funding rounds are designed to address the continuing need for support following Rounds One through Six of the program.

Round 7: Waitlisted applicants from certain previous rounds:

Selection Window: Tuesday, Aug. 3 through Thursday, Sept. 16

  • Eligible applicants: This is a closed round and only available to eligible applicants who were waitlisted in certain previous rounds - only existing waitlisted applicants will be selected to move forward in the validation and verification review process. Selection does not guarantee approval or an award. If you were waitlisted, you do not need to reapply. New applications will not be accepted in this round.
  • Eligible grant award: $5,000 to $25,000
  • Details: This is a closed funding round; no new applications will be accepted

Round 8: Nonprofit cultural institutions only:

Application window: Friday, Aug. 27 through Wednesday, Sept. 8

  • Eligible applicants: Only non-profit cultural institutions with any revenue size that meet eligibility criteria found at CAReliefGrant.com.
  • Eligible grant award: $5,000 - $25,000
  • Details: Approximately $16 Million dollars remain under the Nonprofit Cultural Institutions Program. Eligible nonprofit cultural institutions must complete a new application even if they already applied in Rounds 1, 2, 5, or 6; nonprofit cultural institutions that applied in Round 4 do not need to re-apply; grants will only be available to nonprofit cultural institutions that did not receive funding in any previous rounds; grants will be prioritized based on the documented percentage revenue declines based on a reporting period comparing Q2 and Q3 of 2020 versus Q2 and Q3 of 2019.

Round 9: New Applicants and Waitlisted applicants from certain previous rounds

Application window: Thursday, Sept. 9 through Thursday, Sept. 30

  • Eligible applicants: current waitlisted applicants from certain previous rounds and new applicants that meet eligibility criteria found at CAReliefGrant.com.
  • Eligible grant award: $5,000 - $25,000
  • Details: Applicants not selected to move forward in the review process in Rounds 1, 2, 3, 5, 6, or 7 do not need to re-apply and will be automatically moved into Round 9. New applicants will need to apply at CAReliefGrant.com.

Using its proprietary platform, Lendistry will distribute the grants to all California counties, giving priority to businesses in geographical areas and industries that have been hardest hit by the shutdown, as well as historically disadvantaged communities.

About Lendistry

B.S.D. Capital, Inc. dba Lendistry (lendistry.com) is a minority-led and technology-enabled small business and commercial real estate lender with Community Development Financial Institution (CDFI) and Community Development Entity (CDE) certification. Lendistry ranks second nationwide in SBA Community Advantage lending, providing responsible financing to small business owners and their underserved communities. Lendistry is a member of the Federal Home Loan Bank of San Francisco, and is headquartered in a Los Angeles Opportunity Zone. During the COVID-19 pandemic, Lendistry provided Paycheck Protection Program (PPP) loans to small businesses in all 50 states and was selected by the states of California, Pennsylvania and New York to administer their small business relief programs, which distributed grants to businesses that lost significant revenues during the pandemic. Lendistry and its nonprofit partner organization, The Center by Lendistry, are dedicated to providing economic opportunities and progressive growth for underserved urban and rural small business borrowers and their communities.

For more information, contact: communications@lendistry.com

Source: Lendistry


Categories: Business News

Tags: californiasmallbiz, cdfi, covidrelief, fintech, small business

About Lendistry

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Lendistry's mission is to provide economic opportunities and progressive growth for small business owners and their underserved communities as a source of financing and financial education.

Leeann Lynch
Director of Corporate Development, Lendistry
Los Angeles, CA
United States